Dubai - A crisis unfolds
CASE STUDY
ON
DUBAI – A CRISIS UNFOLDS
SYMBIOSIS LAW SCHOOL, PUNE
CONSTITUENT OF SYMBIOSIS INTERNATIONAL UNIVERSITY
Anirudh Ahuja1, Hussain Patel2, Saumya Singh3, Shalini Singh4, Rushil Deshpande5, Tanya Nagi6, Vaibhav Handu7.
ABSTRACT
Boom! That’s the sound of Dubai going from prosperity to penury. In November 2009 a financial crisis surfaced in Dubai, the symbol of luxury, where Sheikh’s drove around in Ferraris, visited mega sized malls and dined at the 7 stared hotel, The Burj Al Arab. Behind the rising storeys of The Burj Khalifa (the tallest building in the world), the Dubai economy collapsed; real estate prices slashed by nearly 50%, multi-million dollar projects were left incomplete and thousands of workers were laid off. Most of Dubai’s boastful architectural marvels were built on the back of loans taken by real estate companies like Nakheel and Emaar. That is why; an incredible development rate was seen during the years 2000 and 2008.
The objective of this case study is to bring to light the economic crisis that unfolded in Dubai during 2009 which most people weren’t aware about as the world recession had stolen limelight. Furthermore, we will discuss the importance of Dubai in today’s world and its potential to grow. We’d also like to suggest ways in which Dubai can help be a more productive economy and create a more global environment.
The research methodology used is extensive secondary research.
The findings made are that Dubai’s economy is recovering as of 2012 and the market is stabilizing. The steps taken such as the Draft Investor Protection Law are attracting investors and that Dubai has a key role to play in today’s world.
KEY WORDS – Nakheel, Emaar, Entrepot, Sheikh Mohammed bin Rashid Al Maktoum and Burj Khalifa.
CASE STUDY
ON
DUBAI – A CRISIS UNFOLDS
SYMBIOSIS LAW SCHOOL, PUNE
CONSTITUENT OF SYMBIOSIS INTERNATIONAL UNIVERSITY
Anirudh Ahuja8, Hussain Patel9, Saumya Singh10, Shalini Singh11, Rushil
ON
DUBAI – A CRISIS UNFOLDS
SYMBIOSIS LAW SCHOOL, PUNE
CONSTITUENT OF SYMBIOSIS INTERNATIONAL UNIVERSITY
Anirudh Ahuja1, Hussain Patel2, Saumya Singh3, Shalini Singh4, Rushil Deshpande5, Tanya Nagi6, Vaibhav Handu7.
ABSTRACT
Boom! That’s the sound of Dubai going from prosperity to penury. In November 2009 a financial crisis surfaced in Dubai, the symbol of luxury, where Sheikh’s drove around in Ferraris, visited mega sized malls and dined at the 7 stared hotel, The Burj Al Arab. Behind the rising storeys of The Burj Khalifa (the tallest building in the world), the Dubai economy collapsed; real estate prices slashed by nearly 50%, multi-million dollar projects were left incomplete and thousands of workers were laid off. Most of Dubai’s boastful architectural marvels were built on the back of loans taken by real estate companies like Nakheel and Emaar. That is why; an incredible development rate was seen during the years 2000 and 2008.
The objective of this case study is to bring to light the economic crisis that unfolded in Dubai during 2009 which most people weren’t aware about as the world recession had stolen limelight. Furthermore, we will discuss the importance of Dubai in today’s world and its potential to grow. We’d also like to suggest ways in which Dubai can help be a more productive economy and create a more global environment.
The research methodology used is extensive secondary research.
The findings made are that Dubai’s economy is recovering as of 2012 and the market is stabilizing. The steps taken such as the Draft Investor Protection Law are attracting investors and that Dubai has a key role to play in today’s world.
KEY WORDS – Nakheel, Emaar, Entrepot, Sheikh Mohammed bin Rashid Al Maktoum and Burj Khalifa.
CASE STUDY
ON
DUBAI – A CRISIS UNFOLDS
SYMBIOSIS LAW SCHOOL, PUNE
CONSTITUENT OF SYMBIOSIS INTERNATIONAL UNIVERSITY
Anirudh Ahuja8, Hussain Patel9, Saumya Singh10, Shalini Singh11, Rushil
Bibliography: News papers referred to: (2009) Dubai is facing financial crisis? Dalje at http://dalje.com/en-economy/dubai-is-facing-financial-collapse/283771 retrieved on 24/8/2012 (2010) Real estate collapse spells havoc in Dubai - The New York Times at http://www.nytimes.com/2010/10/07/business/global/07dubaibuild.html?_r=1 retrieved on 24/8/2012 Edward L Bill Powell (2009) Can the banks force Dubai into foreclosure – The Time at http://www.time.com/time/world/article/0,8599,1943511,00.html retrieved on 24/8/2012